I have not discussed the forex market with you for quite some time, so let’s take a brief look at the major trends there.
First, EUR/USD is still in primary uptrend from July 2012 low. For the past couple of weeks it has tried to built a base near 1.2995 level. In my opinion we need a break abv 1.3195 Fibonacci level to have a signal that the next big move up is under way. Here’s the chart from my latest Short-Term update :
GBP/USD market broke below 1.5260 key Fibonacci and chart support a few weeks ago and since then it has been under strong pressure. With that break down we have a confirmation that the larger degree downtrend from the year 2008 top has likely resumed. If correct, ultimately we should go below 1.35!
And finally, USD/JPY… This market remains in strong uptrend on its daily chart. Last week it broke out above a small chart consolidation below 94.50 and reached new high for the bull market from September 2012 low. The next Fibonacci level to watch here is 96.70 ahead of 98.90. See the latest Short-Term (daily) chart:
Last week I turned bullish at 93.40 here and this position has moved nicely since then. Everyone takes their own decisions according to their approach to the market, but I think you can’t allow to miss the weekly analysis that I make (they combine a wave analysis using the Neely method as well as an objective trend definition apporach). If you want to read these updates every week, choose a subscription plan from the ones below:
Until next time:
Trade with the Trend!
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